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Тема практического занятия №12 Types of banks. Banking system.
TYPES OF BANKS. BANKING SYSTEM.
Bank of England
It plays the prominent role as the country’s central bank, and at the hub of most banking activity. The Bank or ‘The Old Lady of Threadneedle Street’ is at the centre of the British banking system, and plays a major role in controlling the monetary system. It was nationalized in 1946 and is controlled by a court of directors appointed by the state.
Functions of the Bank
It is the government’s bankThis is the major function of the bank.
It manages the government’s banking accounts.
The Bank advises the government on formulation of monetary policy and assists the government in carrying out the monetary policy.
It also handles the arrangements for government borrowing. (Short term – mainly through the sale of Treasury bills; long term – by management of government stocks)
It manages the exchange equalisation account by influencing the value of sterling by selling or buying pounds to affect the foreign exchange market prices.
It controls the note issueThe Bank has the sole responsibility for the issue of bank notes in England and Wales.
It is the bankers’ bankEach of the clearing banks has an account with the Bank, and during the process of cheque clearing debits and credits are made to these accounts as a means of interbank settlement.
The clearing banks keep about a half of their liquid reserves deposited at the Bank and use these for settling debts among themselves.
The commercial banks rely on the Bank if run short of money or require loans.
It has international responsibilitiesThe Bank provides services for other central banks and some of the world’s major financial organisations such as the IMF.
It is the ‘lender of last resort’If the commercial banks run short of cash they recall deposits they have in the money market. This leaves the discount houses short of funds. The Bank ‘lends as a last resort’ to the discount houses.
Discount houses
The London Discount Market Association consists of twelve companies basically concerned with borrowing and investing money on a short-term basis.
The main functions of the discount houses are
Accepting very short-term deposits from businesses in return for a low rate of interest
Using funds raised in this way to purchase a variety of assets (treasury bills, bills of exchange and gilt-edged securities)
Providing immediate finance for companies by discounting reliable bills of exchange
Clearing banks
They handle the exchange and settlement of cheques through the clearing house system. The functions of clearing banks are as follows:
Acceptance of deposits of money
Providing a system of payments mechanism
Supply of finance
Provision of a wide range of services
Trustee Savings Bank (TSB)
It is a fully-fledged bank. It offers a variety of services similar to those of the other clearing banks, and aimed at the personal customer.
Current, deposit and savings and investment accounts
Credit transfer facilities
Overdrafts, personal loans and mortgage loans
Combined credit, cheque guarantee card; travel cheques and foreign currency
State banks
The National Savings Bank is operated through the Post Office. The National Girobank is a state-run bank and is a part of the business of the Post Office, but is financially independent from it.
Merchant banks (acceptance houses)
These are private firms that offer highly specialised service almost exclusively for business customers. The main activities of merchant banks are accepting house activities, issuing house activities and capital market activities.
Acceptance house activitiesThe traditional activity of merchant banks is ‘accepting’, i. e. lending their name to a bill of exchange issued by less well-known endorsing the bill, the accepting house guarantees payment of the bill.
Issuing house activitiesMerchant banks play a major role in assisting in raising company finance by sponsoring first issues of company shares on behalf of their clients, or acting as intermediaries between companies seeking capital and those willing to provide it.
Capital market activitiesMerchant banks are also involved in a wide range of other capital market operations, such as
Operating some current account services for customers
Accepting larger deposits
Offering consultancy services to businesses wishing to become limited liability companies
Advising on company problems
Providing finance for hire-purchase, local government and industry
Operating unit trusts
Assisting in investment of trustee funds for large institutions
Acting as agent to companies establishing branches overseas
Dealing in the precious metals market
Foreign banks
There are now about 400 foreign banks (particularly from European countries) in London existing to give service and credit to companies from their own countries operating in Britain. A number of these banks have expanded their activities and they now make substantial sterling loans to British borrowers.
Finance houses
The Finance Houses Association (FHA) consists of forty-three member companies who control 80 per cent of the instalment credit business in the UK.
Методические указания к практическому занятию №12
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Тема практического занятия №13 Taxation.
In poetry, spring is a time when a young person’s fancy turns to thoughts of love. But in economics, spring is much less romantic period. It is the season when millions of people in many countries begin to sort their previous year's income and expense records-the first step in determining their personal income tax.
In calculating this tax, you are allowed to take specific types of deductions and exemptions. Some deductions that may be made (within limits) from your income are donations to your alma mater and to various non-profit organizations
The amount of income tax you must pay at a given income, level depends on several things. These include whether you are single or married and what the particular tax rates happen to be at the time. The rates are usually revised by the government every few years.
Tax is money compulsory levied by the state or local authorities on individuals, property, or businesses. In modern economies taxes are the most important source of government revenues. Taxes can be levied and classified in many ways. In many countries there are three principal types of taxes:
Taxes on income (personal income taxes and corporate income taxes);
Taxes on wealth (property taxes; death and gift taxes);
Taxes on activities (sales and excise taxes; social security taxes).
Because the power to tax is so weighty a matter, economists have developed several broad standards for judging the merits of a tax:
1 .Equity. Tax burdens should be distributed justly.
Efficiency, Stability, and Growth. A tax should contribute towardimproving resource allocation, economic stabilization, and growth in the
total output of goods and services. Enforceability. A tax should be adequate for its purpose and
acceptable to the public, or else it will be impossible to enforce.
Taxes are considered to have three functions:
fiscal or budgetary, to cover government expenditure, to providethe public authorities with the revenue required for meeting the cost of
defence, social services, interest payment on the national debt, municipal
services, etc.; economic, to give effect to economic policy, to promote stable
economic growth, to influence the rate of economic growth of the nation;
(c) social, to increase the economic welfare of the community, to lessen inequalities in the distribution of income and wealth.
Businesses and individuals are subject to many forms of taxes. The various forms of business are not taxed equally. The tax situation is simplest for proprietorships and partnerships; corporations or companies are treated differently.
Методические указания к практическому занятию №13
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МОДУЛЬ 4.
Тема практического занятия №14 World monetary system
WORLD MONETARY SYSTEM: IMF, WORLD BANK
IMF
It is a cooperative institution with 178 member countries.
Purposes of the IMF
To maintain stable currency exchange rates To facilitate international paymentsInstruments of the IMF
It lends money to members with liquidity problems Its members inform each other about fiscal and monetary policies. (Technical assistance and publications.)Establishment
There was a great depression of the world economy in the 30’s. There was a great need for cooperation in order to establish an innovative monetary system and an institution to supervise it. The IMF was founded in July 1944 at Bretton Woods.
Organisation
Board of Governors: ministers of finance for each country Alternate Governors: heads of central banks (They hold meetings once a year.) Executive Directors: represent the governments of their countries during the rest of the year.Surveillance
These days, member countries are allowed to choose their own method of determining their currency exchange rates, but supervision by IMF is necessary.
Borrowing
Each member country pays in a sum of money called quota. This will be the source of loans to member countries with a severely negative balance of payments. These loans are called SDR’s (Special Drawing Rights) and can be received in periodic allocations. An IMF member earns interest on its quota contribution only if other members borrow its currency.
Before a member country obtains the loan, it has to demonstrate how it will solve its payment problem. They can immediately withdraw the 25% of its quota. Repayment is made within 3 or 5 years. (Costs: 0,5% for service charges and commitment fees, 5% for interest)
The aim of loans are devaluation, export encouragement and reduction of government expenditure.
Методические указания к практическому занятию №14
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Тема практического занятия №15 International trade
INTERNATIONAL TRADE
There are plenty of incentives for a country to have an open economy. Exports increase the size of the market for producers. Imports stimulate competition in local markets and provide a wider choice for consumers. These are good reasons for international trade. However, another important reason for trading is to exploit advantages. Economists talk about two types of advantage that an economy can have over others: absolute advantage and comparative advantage.
An economy has absolute advantage when it can produce goods at a lower cost than other economies can, or they have resources that others don't have. For example, warm Mediterranean countries have an absolute advantage in the production of olive oil. Many countries in Asia have an absolute advantage in manufacturing electronic goods. Clearly, it makes sense for countries with absolute advantages to trade with each other.
The second kind of advantage is comparative advantage. This happens when an economy can produce something at a lower opportunity cost than other economies can. Remember that the opportunity cost of something is what you have to give up in order to have it. For example, imagine that country A makes two things with its resources: clothes and furniture. If it wants to increase production of clothes, it must decrease its production of furniture. This loss is the opportunity cost.
Now imagine that country B also makes clothes and furniture, but it makes less of both than country A. In other words, country A has an absolute advantage over country B in clothes and furniture. However, country B can increase its production of clothes with only a small opportunity cost in furniture. This means that country B has a comparative advantage over country A in the production of clothes.
But why would country A want to trade with country B? What benefit would they gain? In fact, both countries can benefit by specialising. If country A produces only furniture, and country B produces only clothes, both countries will be making best use of their available trading in this way, production of both products increases. In turn, this increases the economic welfare of both countries.
Despite all the advantages of having an open economy, countries sometimes restrict trade with other countries. For example, governments may charge tariffs on imports. These are taxes which make imports more expensive than locally produced products. Governments may also restrict the amount of imports entering the country. This kind of restriction is called an import quota. Since international trade has so many benefits, why would countries want to restrict trade in this way? There must be some very good reasons!
Методические указания к практическому занятию №15
Цель занятия: развивать понимание содержание текста и умение отвечать на вопросы.
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ЛИТЕРАТУРА
7.1 Основная литература
7.1.1 Английский для экономистов. – Москва. – 2011. -312 стр.
Дополнительная литература
7.2.1. Мировая экономика. – Москва. – 2007. -343 стр.
The business: Pre-intermediate: student’s book/ Oxford: Mac-millan, 2008. Mohr Boudewijin. The language of international trade in English. – Prentice Hall Regents, 1978.115 p. Методические указания к правтическим занятияя по английскому языку по теме «Этика бизнеса. Деловые задания». Часть 2 М.: Изд-во РЭА, 2003. Методические указания к правтическим занятияя по английскому языку по теме «Этика бизнеса. Деловые задания». Часть 2 М.: Изд-во РЭА, 2009. Новый англо русский экономический словарь/. – М.: Рус. яз.. Медиа, 2005. – VIII, 1025 [7]с Rodgers D. English for International Negotiations. A Cross-Cultural Case Study Approach. Cambridge University Press,1997. Harris, Neil. Business Economics. Theory and application. Butterworth Heinemann, 2001. 373 p. Garbaugh, Robert J. International Economics. Eigth Edition. South Western, Thomson Learning, 2001 -568 p.
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